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15 Jul 2013
EUR/JPY loses grip on 130.00 level
FXstreet.com (New York) - The EUR/JPY technical cross has fallen below the 130.00 level Monday, tumbling off an earlier high of 130.03 during Asian trading.
With Japan on holiday today, the EUR/JPY is now operating at support at 129.60 (200-day SMA), -0.29% at the time of writing. Further supports lie at 129.25 (July 10 high), ahead of 128.74 (July 11 low), and 128.07 (July 7 low).
EUR/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The EUR/JPY trades range bound, mostly limited to the 128/130 region, with little technical guidance according to the hourly chart as price hovers around flat moving averages, with indicators standing positively right above their midlines. In the 4 hours chart, technical readings also present a slightly positive tone, although price needs to stabilize above 130.50 to actually be able to advance.”
With Japan on holiday today, the EUR/JPY is now operating at support at 129.60 (200-day SMA), -0.29% at the time of writing. Further supports lie at 129.25 (July 10 high), ahead of 128.74 (July 11 low), and 128.07 (July 7 low).
EUR/JPY strategic bias
According to Valeria Bednarik, an analyst at FXstreet.com, “The EUR/JPY trades range bound, mostly limited to the 128/130 region, with little technical guidance according to the hourly chart as price hovers around flat moving averages, with indicators standing positively right above their midlines. In the 4 hours chart, technical readings also present a slightly positive tone, although price needs to stabilize above 130.50 to actually be able to advance.”